SEOUL, June 8 (Korea Bizwire) — South Korea will terminate the cut in the consumption tax on passenger cars starting next month, the finance ministry said Thursday, in an apparent move to make up for a recent decrease in tax revenue. In July 2018, the government slashed the auto consumption tax to 3.5 percent from [...]
SEOUL, April 18 (Korea Bizwire) — South Korea plans to extend the consumption tax cut scheme on fuel, which is set to expire this month, through August, the finance ministry said Tuesday, despite concerns the government’s tax revenue may miss target amid an economic slowdown. Under the measure, a 25 percent discount on the consumption [...]
SEOUL, Dec. 19 (Korea Bizwire) — South Korea plans to extend the consumption tax cut scheme on fuel set to expire this month, through April 2023, the finance ministry said Monday, although the discount for gasoline will be adjusted in sync with stabilizing market prices. South Korea has been offering a 37-percent discount for consumption [...]
SEOUL, June 17 (Korea Bizwire) – In an effort to stimulate Korea’s moribund domestic consumption, the government lowered its special consumption tax on vehicles from 5 percent to 3.5 percent, starting from August 2015. This tax benefit — which will expire at the end of June — however, has brought about “undue profit” to foreign car makers while [...]